Korea Investment CORP Takes Position in Bank of New York Mellon Corporation $BNY

Korea Investment CORP purchased a new position in shares of Bank of New York Mellon Corporation (NYSE:BNY) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 687,043 shares of the bank’s stock, valued at approximately $99,353,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Revolve Wealth Partners LLC purchased a new position in shares of Bank of New York Mellon during the 4th quarter worth approximately $220,000. Sivia Capital Partners LLC boosted its stake in shares of Bank of New York Mellon by 36.6% in the second quarter. Sivia Capital Partners LLC now owns 3,394 shares of the bank’s stock valued at $309,000 after buying an additional 909 shares in the last quarter. Jump Financial LLC acquired a new position in Bank of New York Mellon during the second quarter worth $2,482,000. Treasurer of the State of North Carolina grew its holdings in Bank of New York Mellon by 1.7% during the second quarter. Treasurer of the State of North Carolina now owns 334,388 shares of the bank’s stock worth $30,466,000 after acquiring an additional 5,445 shares during the period. Finally, Osterweis Capital Management Inc. raised its position in Bank of New York Mellon by 11,890.0% in the second quarter. Osterweis Capital Management Inc. now owns 1,199 shares of the bank’s stock worth $109,000 after acquiring an additional 1,189 shares in the last quarter. Institutional investors and hedge funds own 85.31% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have commented on BNY. Weiss Ratings downgraded Bank of New York Mellon from a “buy (a)” rating to a “buy (a-)” rating in a report on Thursday, August 13th. Citigroup increased their price target on shares of Bank of New York Mellon from $167.00 to $172.00 and gave the company a “neutral” rating in a report on Monday, July 20th. Keefe, Bruyette & Woods raised their price objective on shares of Bank of New York Mellon from $166.00 to $177.00 and gave the company an “outperform” rating in a research note on Thursday, July 16th. JPMorgan Chase & Co. upped their price target on Bank of New York Mellon from $149.00 to $159.00 and gave the stock an “overweight” rating in a report on Tuesday, August 4th. Finally, Bank of America lifted their price objective on Bank of New York Mellon from $165.00 to $175.00 and gave the stock a “buy” rating in a report on Monday, July 20th. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $157.13.

Insider Buying and Selling

In related news, CFO Dermot Mcdonogh sold 31,800 shares of Bank of New York Mellon stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $155.26, for a total transaction of $4,937,268.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.17% of the company’s stock.

Bank of New York Mellon Price Performance

BNY stock opened at $158.72 on Friday. The stock’s 50 day moving average price is $153.85 and its 200 day moving average price is $136.61. The firm has a market cap of $107.69 billion, a P/E ratio of 18.48, a PEG ratio of 1.12 and a beta of 1.06. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.72 and a current ratio of 0.72. Bank of New York Mellon Corporation has a 1 year low of $101.71 and a 1 year high of $165.68.

Bank of New York Mellon (NYSE:BNY) last released its quarterly earnings results on Wednesday, July 15th. The bank reported $2.46 earnings per share for the quarter, topping the consensus estimate of $2.16 by $0.30. Bank of New York Mellon had a return on equity of 16.00% and a net margin of 15.52%.The company had revenue of $5.70 billion during the quarter, compared to the consensus estimate of $5.35 billion. During the same quarter last year, the business posted $1.93 earnings per share. Bank of New York Mellon’s revenue was up 13.3% compared to the same quarter last year. On average, sell-side analysts expect that Bank of New York Mellon Corporation will post 9.26 earnings per share for the current fiscal year.

About Bank of New York Mellon

BNY, formerly known as BNY Mellon, is a global financial services company headquartered in New York City. Formed in 2007 through the merger of the Bank of New York and Mellon Financial Corporation, BNY traces its roots back to 1784, making it one of the oldest banking institutions in the United States. It was also the first company listed on the New York Stock Exchange.

BNY operates at the center of the world’s capital markets, partnering with clients to help them operate more efficiently and accelerate growth.